Five months into his second term, President Donald Trump has done more than tweet laser-eyes on Bitcoin. He has signed two executive orders—one creating a President’s Working Group on Digital Assets, another floating a strategic bitcoin reserve—and turned a $10,000-a-plate dinner with backers of the $TRUMP memecoin into Oval Office policy theatre. The message is unmissable: Washington will court the crypto vote and the crypto lobby in equal measure.

The aftershocks are global. Pakistan, otherwise teetering on an IMF lifeline, has inked…